The U. S. House of Representatives passed the pork-laden Senate version of the $700 billion bailout bill. Obviously, many reps changed their vote from “no” to “yes.”

I can’t wait for the promised Utopia to commence.

For those of you in the 18th Congressional District, here’s the telephone number for Ray LaHood: (202) 225-6201. (If you live in a different district, you can find your representative’s phone number on the Clerk of the House of Representatives’ page.)

I would encourage you to do what I’ve done: call and urge Rep. LaHood to vote against the Senate’s bailout package. I know LaHood voted for the first one, and he believes a bailout package is needed. But this bill is even worse than the last one, including all kinds of indefensible pork that squanders more taxpayer money.

There are $6 million in tax breaks for the manufacturers of wooden arrows.

Another $33 million in tax relief for corporations operating in American Samoa territory.

And don’t forget the $192 million break for Puerto Rican and Virgin Islands rum producers.

U.S. senators on Wednesday tacked these incentives and nearly $150 billion in other unrelated tax breaks on to the $700 billion emergency rescue bill for the nation’s troubled financial institutions.

Besides the added pork, many economists have been saying that this bill simply won’t work to solve our credit crisis. You don’t hear these voices, unfortunately, because the media by and large hasn’t covered them, as this article from the Chicago Tribune points out:

If you’ve spent much time listening to cable news lately, you would think there is universal agreement among economists that an immediate, enormous government intervention in the markets is the only way to stave off a recession, and perhaps even a depression. This is simply false. Many economists reject the notion that something must be done immediately and have called for more careful consideration of a wider range of options. Some even reject the premise that any bailout action will make much of a difference.

This bill needs to be voted down and a serious deliberation needs to take place. Congress should stop this rush to do “something,” and focus on doing what is best.

The bailout bill vote in the House of Representatives was 205-228; motion failed.

Hallelujah. Whatever the solution to the housing crisis is, this bill wasn’t it. I never thought it would fail, but I’m happy it did.